Perkins Loan

The Perkins Loan is awarded to undergraduate and graduate students who have exceptional financial need. This campus-based loan program, in which the school acts as the lender, utilizes a limited pool of federal funds. The interest rate is five percent annually, and there are no origination or guarantee fees.

Account Maintenance

After a student has been awarded a Perkins loan by the Financial Aid Office, the loan account is maintained by the Bursar Office. Any student with a Perkins loan must keep the Bursar Office informed of the following:

Address changes

Changes in full-time status (at least 12 hours for undergraduate level and nine hours for graduate level) or half-time status (at least six hours for undergraduate level and five hours for graduate level)

The anticipated date of leaving or graduating from the University

Exit Interview

Federal law requires that all Perkins Loan awardees complete an exit interview that details the repayment arrangements for the loan. This interview must be completed in the Bursar Office prior to leaving or graduating from the University. Students who fail to complete the exit interview will have a transcript hold placed on their student account and will be unable to receive transcripts or a diploma.

Repayment, Deferrment, Cancellation

The Perkins Loan allows a nine-month grace period from the date that a student leaves or graduates from the University before the first payment is due. Payments may be deferred for students who return to school at a minimum of half-time. Deferments are also available for reasons of economic hardship or unemployment. Cancellations of the debt are available for specific career paths. More information regarding deferments and cancellations is available at www.studentaid.ed.gov.